Candia Tower, Liverpool, England - Buy-to-Let Apartments, 10% NET Return pa
Investment summary
These newly renovated buy-to-let flats near Liverpool City Centre are a superb investment. They have a RICS Valuation of £90,000 but can be bought by you for only £69,000 giving instant equity of £21,000. Income will be paid monthly from December 2011 with an assured 10% NET rental return for 3 years. Act now or miss out!
Candia Tower is one of two adjoining apartment blocks being offered for sale the other being Crete Tower.
Investment Description
The flats were originally selling for in excess of £130,000 before the original developer was unable to complete the project.
Renovations have now resumed under the guidance of a leading architect company and Liverpool City Council to complete the project to a very high standard.
This development addresses the shortage of rental flats for residents of Liverpool.
Did you know that over 10 tenants are going after every buy-to-let property in Liverpool? It has never been a better time to be a landlord in Liverpool.
Not surprisingly, applications for buy-to-let mortgages in the UK are at an all-time high as property investors capitalise on the high returns they can achieve in UK buy-to-let properties.
Your Returns
During the first three years, you will receive £20,700 NET rental income.
This compares to other buy-to-let flats in the UK, where you would expect to get £7,200 over 3 years (based on a net profit of £200 pcm).
Additionally, RICS valuations confirm that you will get instant equity of £21,000 on the very day you purchase.
One of my buyers, a property investor, is thrilled that she has secured one of these properties in the adjoining Crete Tower. According to her:
- They give her a high return @10% NET p.a
- They are fully managed so there is nothing for her to do which is particularly important as she is half way around the world
- There is substantial and immediate-built-in equity of £21,000
- Yields in the rental market continue to grow as more and more people are squeezed off the property ladder
- There is a shortage of good rental properties in Liverpool
- The developer has a track record
- She will start receiving a monthly income in March 2012
Property description
The flats will be attractive to tenants looking for good quality rental property at a reasonable price close to the city centre. They will appeal to young professionals as well as students at the local universities.
The development consists of 128 three bedroom flats newly refurbished to a high quality. The flats benefit from being in a private, landscaped, gated community which includes an on-site gymnasium, supermarket, management office, on-site security, CCTV and 128 parking spaces.
There are regular buses to Liverpool and Southport. Stanley Park is right on the door-step.
The flats are located about one mile north of Liverpool city centre and close to the Liverpool entrance to the Kingsway Tunnel which gives access to Birkenhead and Chester.
A new £150 million local centre is planned for the area which will, improve retail, services and public areas.
Key property features
- One of two neighbouring 16 storey former local authority residential tower blocks
- Refurbishment due for completion in December 2011
- Each flat comes with a washing machine and refrigerator
- Internet access to all apartments
- Exterior and Interior renovation
- Each flat comes with a washing machine and refrigerator
- CCTV linked to all flats
- On site 24 hour security
- Key fob entry system
- EPC rating of C
- Local demand
Jean Liggett writes:
I spent some time in Liverpool in September. I met the developer of these apartments and I also took the opportunity to take a closer look at the market there.
Rental prices have risen by 20% in Liverpool in the last year. People who would normally be looking to buy cannot afford to do so in the current economic climate and are renting instead. As a result, demand for accommodation, particularly quality, affordable rental property near the city centre, continues to rise.
Affordable properties in and around Liverpool city centre appeal to young, working Liverpudlians as well as students attending the local universities.
These properties are very popular with buy to let investors for two reasons. First, the yield is 10% net, which is over twice the national average of four %. Second, the properties have a low purchase price of only £69,000.
The developer has an excellent track record in Liverpool and is trusted by Liverpool City Council to deliver accommodation that Liverpool needs. Indeed, whilst I was in a meeting with the developer recently, Liverpool City Council rang him to confirm a meeting and chat about plans for this development.
Buying Procedure
- Choose your preferred property
- Pay £2,500 reservation deposit
- Exchange Contracts 21 days after reservation deposit and pay £33,500 deposit
- Pay balance of £33,000 by end of February 2012
- Receive income from February 2011
This is a cash purchase. There is no finance available via a mortgage.